IGI Logo

Below is the Daily Market Wrap Up By Mr. Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One Ltd

                                                                               Financials sulking a bit; Nifty still reclaims 19600

The Indian equity market started on a mild note taking cues from the subdued Asian bourses and stayed within a slender range for the initial half of the session. By the latter half, some buying emergence in the Pharma & Health care space, followed by IT, levitated the benchmark index to higher levels. Amidst the range-bound movement, Nifty50 concluded the session on a positive note, attaining 0.41 percent gain and settling around the 19600 mark.

Technically, key indices lacked assertive moves and stayed in a mere range throughout the day, which portrays a lack of conviction among the market participants on either side. However, the overall trend seems upbeat as the index hopped over the 20 SMA again. As far as levels are concerned, the bearish gap of 19678-19705 is the crucial hurdle, and it requires an authoritative breach to turn the sentiments to ultra bullish once again. On the flip side, the pivotal support 19500 is supposed to cushion any intra-day blip, while strong support lies around the 19400-19380 zone in the near period.

As we advance, the global bourses are very likely to set up the immediate tone for our markets. However, one needs to be cautious and have a pragmatic approach to deal in such market scenario. Meanwhile, the broader market is likely to keep the buzz and we would advocate traders to continue focusing on a stock-centric but selective and watchful approach for a while.

Please find attached the media kit from Angel One Ltd. (Formerly known as Angel Broking) for your reference. 

Above views are of the author and not of the website kindly read disclaimer